By Ibrahim Danladi

The Nigerian National Petroleum Company Limited (NNPCL) has stated that the local production of petrol by Dangote Refinery, Port Harcourt Refining Company, and other refineries in Nigeria will not lead to a change in fuel prices. The Group Chief Executive Officer of NNPCL, Mele Kyari, emphasized during an interview that the notion that petrol prices would reduce once domestic production starts is false. He confirmed that the Dangote Refinery is expected to begin producing products by the end of July or early August, while the Port Harcourt Refinery is scheduled to be operational by the end of the year. However, Kyari stated that despite the increase in petrol production, the cost of the commodity would remain the same, as refineries would factor in the cost of production. He also mentioned that there would be no subsidy once local production starts, as the country lacks the resources to continue with subsidy.

Regarding the fuel queues currently witnessed across the country, Kyari stated that the queues would not exceed another day or two, with Saturday being the maximum. He assured that there is an adequate supply of petrol, with over 810 million liters available in depots, tanks, and fuel stations nationwide.

Additionally, Kyari addressed a pricing document for petrol that circulated on the internet, stating that it was an internal marketing document and not an official announcement. He explained that companies keep such records and adjust prices based on market conditions.

In another development, Kyari revealed that the administration of President Bola Tinubu plans to repair and optimize one of the four refineries before the end of the year. He argued that it is no longer justifiable to continue subsidizing petrol due to the high opportunity cost incurred by the government.